Loading...

South Africa - Govt Grants South African Airways R5 Billlion Guarantee

Government has granted South African Airways a R5 billion guarantee for a period of two years starting from 1 September 2012.
A statement issued by National Treasury and the Ministry of Public Enterprises said the guarantee will enable SAA to borrow from the financial markets, thus ensuring that the airline continues to operate as a going concern.

"The guarantee requires that the SAA Board develop a turnaround strategy to be approved by the Minister of Public Enterprises in concurrence with the Minister of Finance. This will include SAA providing the DPE and Minister of Finance with the financing strategy for its planned purchase of short and long haul fleet," said the statement.

A technical committee comprising representatives from the National Treasury and Public Enterprises will monitor SAA's financial position, and progress with developing and implementing the turn-around strategy.

"Government is committed to working with SAA's management and board of directors to ensure that SAA is a viable and a financially sustainable airline," said the statement.
South Africa 6615120905506827311

Post a Comment

emo-but-icon

Home item

Popular Posts

Labels

Current News Nigeria Africa BREAKING NEWS Boko Haram Terrorism Entertainment Goodluck Jonathan South Africa Business Big Brother Africa Mali Egypt AFCON Elections Sudan Abubakar Shekau Zimbabwe Libya Somali FIFA Barack Obama Chelsea Al-Qaeda Syria Mandela Senegal African Union Lagos Manchester United Tunisia Uganda Patience Jonathan Central Africa Jose Mourinho Barcelona Jacob Zuma Stephen Keshi Algeria Dangote Ethiopia Malawi Nigerian Army Oscar Pistorius Zambia Big Brother CHASE Celebrity Saudi Arabia Ansaru Arsenal Mikel Obi Liberia Muslim Brotherhood Olusegun Obasanjo Pope Benedict XVI Okonjo-Iweala Amnesty Argentina Congo North Korea Queen Elizabeth II Robert Mugabe Sierra Leone Angola Buhari Dana Twitter APC Adenuga Alex Ferguson Aljazeera Boston Marathon David Mark EFCC Henry Okah Morsi Sanusi Togo #OccupyNigeria Arik Air Arsene Wenger Basketball Cristiano Ronaldo Current Views Spain UEFA Champions League Uhuru Kenyatta Yobe Babatunde Fashola COZA Drogba Michelle Obama Morgan Tsvangirai Tanzania Wole Soyinka Bakassi Peninsula Mark Zuckerberg Middle East Mozambique Neymar Roman Abrahamovich World Bank World Cup ANC Al Ahly Al Shabaab Aliko Dangote Angelina Jolie Bayelsa Big Brother Star Game Burkina Faso Chevron D'Banj Don Jazzy FELA Farouk Lawan Kim Kardashian Michael Jordan Mike Tyson Peter Odemwingie Sepp Blatter Singapore Social Media Sokoto Super Eagles Swaziland Tiger Woods WhatsApp Yahoo Asari Dokubo BBC British M16 CBN Danbaba Suntai David Beckham Ernest Koroma Fabrice Muamba Femi Falana Hezbollah Julius Malema Kabiru Sokoto Kanu Nwankwo Lesotho Michael Jackson Osama Bin Laden Pope John Paul II Sani Abacha Somaliland South Korea Susan Rice Taraba Yakowa Yemen Yvonne Ndege Zamfara Zaria

Random Posts

Flickr Photo